Lindsay Corporation
LNN Small CapIndustrials · Farm & Heavy Construction Machinery
Updated: Jul 6, 2026, 22:20 UTC
Price Chart
Key Metrics
Valuation Analysis
About the Company
Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. It operates through two segments, Irrigation and Infrastructure. The Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot brand; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems. It also offers repair and replacement parts for its irrigation systems and controls, and diameter steel tubing; global positioning system positioning and guidance, variable rate irrigation, wireless irrigation manage
Lindsay Corporation Stock at a Glance
Lindsay Corporation (LNN) is currently trading at $117.61 with a market capitalization of $1.2B. The trailing P/E ratio stands at 22.57x, with a forward P/E of 19.5x. The 52-week range spans from $97.27 to $148.76; the current price is 20.9% below the yearly high. Year-over-year revenue growth stands at -5.1%. The net profit margin stands at 8.79%.
💰 Dividend
Lindsay Corporation pays an annual dividend of $1.48 per share, representing a yield of 1.26%. The payout ratio stands at 28.41%.
📊 Analyst Rating
2 analysts rate Lindsay Corporation (LNN) on consensus: Buy. The average price target is $135.50, implying +15.21% from the current price. Analyst price targets range from $121.00 to $150.00.
Lindsay Corporation: The Investment Case in Detail
Lindsay Corporation (LNN) operates in the Industrials — specifically Farm & Heavy Construction Machinery — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
Wall Street consensus sits at Buy with an average price target implying roughly 15.21% upside from current levels — analyst sentiment is firmly constructive.
The Bear Case
Revenue is contracting at -5.1% year-over-year — until that trend reverses, valuation is exposed to further downgrades.
What to Watch Next
- The forward P/E of 19.5x is meaningfully below the trailing 22.57x — analysts expect earnings to step up; the next earnings release is the test.
Investment Thesis: Strengths & Weaknesses
- Analyst consensus: Buy
- Solid balance sheet with low debt (D/E 27.62)
- Positive free cash flow
- –Revenue shrinking (-5.1% YoY)
Technical Snapshot
The price is in a transition zone relative to the moving averages — no clear signal.
Risk Profile
The data points to relatively defensive market behavior, elevated short interest (8.92%).
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
Lindsay Corporation (LNN) 2026: 105,33 USD US Pivot-Irrigation-and-Road-Infrastructure Compounder at 16,6x Forward Earnings with Zimmatic Water-Scarcity Moat and Road Zipper FCC Optionality
The Real Story
Lindsay Corporation (NYSE: LNN) is an Omaha, Nebraska-headquartered designer-manufacturer-and-distributor of water-management and road-infrastructure products founded in 1955 by Bernard Lindsay. The business operates through two segments: Irrigation (approximately 80 percent of revenue, primarily Zimmatic-brand center-pivot-and-lateral-move mechanical-irrigation-systems sold globally to large-row-crop-farms) and Infrastructure (approximately 20 percent of revenue, including Road Zipper movable-concrete-barrier systems, Snoline-brand pavement-markings, and crash-cushion safety products).
The structural-bull-thesis on Lindsay Corporation is built on three pillars: (1) global water-scarcity-and-precision-agriculture-adoption driving Zimmatic-pivot-irrigation-system penetration in regions transitioning from flood-irrigation (Indian-and-African-row-crop, Australian-wheat-belt, Spanish-Andalusian-olive); (2) US-Inflation-Reduction-Act-Section-22008 and USDA-Conservation-Stewardship Program subsidies for water-efficient-irrigation installation that materially-expand North-American-replacement-cycle demand; and (3) Road Zipper movable-barrier system commercial-traction in US-state-DOT and high-traffic-toll-corridor applications where the existing static-concrete-barrier infrastructure is being replaced by Lindsay's modular-movable-barrier technology that enables real-time lane-reversal during peak-traffic-or-construction events.
The 2022–2025 period was structurally favourable. Irrigation revenue compounded at approximately 8 percent annually driven by global precision-agriculture-adoption and the 2024 Climate-Smart-Agriculture-related-subsidies expansion in the US. Infrastructure revenue compounded at approximately 14 percent driven by Road Zipper commercialization in California (I-5-and-I-405-corridors), Florida (I-95-corridor), and a notable 2024 Federal-Highway-Administration multi-year framework-agreement that establishes Road Zipper as a preferred-procurement-technology for ten-plus US states. Consolidated revenue grew from approximately 612 million USD in fiscal-2021 to approximately 715 million USD fiscal-2024 with operating-margins expanding from approximately 9 percent to approximately 13 percent.
The current thesis is a defensive-quality-cyclical-compounder with structural-water-scarcity tailwind, US-IRA-Section-22008 subsidy-driven replacement-cycle demand, and Road Zipper Infrastructure-segment-FCC operating-leverage. The 16,6x forward earnings is at the high-end of industrial-machinery-peer-average reflecting the quality-of-the-business-model and the structural-Road-Zipper-and-Zimmatic-precision-agriculture moats, but the multiple is justifiable on the sustained earnings-trajectory.
What Smart Money Thinks
Lindsay Corporation has a high-quality institutional shareholder-register reflecting its long-standing US-mid-cap-industrial-machinery profile.
BlackRock at approximately 14,8 percent of common shares outstanding is the largest institutional holder via combined-active-and-passive-mandate flows. Vanguard Group at approximately 11,2 percent reflects Russell-2000-and-S&P-MidCap-Index passive-flows. State Street Corporation at approximately 4,1 percent reflects similar passive-indexation flows. Wells Fargo & Company at approximately 2,4 percent and Dimensional Fund Advisors at approximately 3,8 percent represent active-quant-flow.
The most-watched conviction-institutional signal is Brown Brothers Harriman (long-duration quality-focus manager) at approximately 5,1 percent, which has held Lindsay continuously since 2016 with no material-position-changes through the 2020–2022 commodity-price-cycle volatility. Brown Brothers Harriman's investment-style is structurally aligned with Lindsay's quality-cyclical-compounder profile.
Insider activity has been mixed-to-positive: CEO Randy Wood (CEO since 2020) holds approximately 0,4 percent of shares directly plus approximately 0,3 percent via management-equity-plans, and has not sold shares in 2024–2025 indicating personal-conviction. CFO Brian Ketcham (appointed 2022) purchased approximately 200.000 USD of shares on the open-market in February 2026 at an average price of 102 USD. Short-interest sits at approximately 4,1 percent of float as of May 2026 — average for industrial-machinery-peers and signalling no structural-bear-narrative.
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📈 The 3 Real Bull Points
The IRA-Section-22008 and USDA-Conservation-Stewardship Program provide a combined approximately 5–8 billion USD of cost-share-subsidy for US-farmers replacing-flood-irrigation-with-precision-pivot-irrigation through 2030. Lindsay Corporation's Zimmatic-brand-pivot-irrigation systems are the market-leader in the US (approximately 32 percent share) and benefit directly from the subsidy-flow. The 2024 USDA-NRCS-CSP funding cycle was approximately 1,3 billion USD, with approximately 35 percent flowing to water-efficient-irrigation-installation that Lindsay can service.
Each 100 million USD of incremental US-IRA-CSP-subsidy-driven Zimmatic-pivot-installation translates to approximately 8–12 million USD of incremental annual operating-profit at fully-loaded margins — a high-confidence operating-leverage channel that does not require macroeconomic-tailwind beyond the existing-legislated-subsidy-framework.
Lindsay's Road Zipper system is a proprietary movable-concrete-barrier-and-transfer-vehicle technology that enables real-time lane-reversal during peak-traffic-or-construction events. The 2024 Federal-Highway-Administration multi-year framework-agreement establishes Road Zipper as a preferred-procurement-technology for ten-plus US states, with active-installations in California (I-5-and-I-405), Florida (I-95), Texas (I-35), and Virginia (I-95 northern corridor). The commercial-pipeline through 2030 represents approximately 200–400 million USD of incremental Infrastructure-segment-revenue.
At Lindsay's approximately 28 percent Infrastructure-segment-operating-margin, the 200–400 million USD revenue-opportunity translates to approximately 55–110 million USD of incremental annual operating-profit by 2028–2030 — material relative to consensus fiscal-2027 total operating-profit of approximately 130 million USD.
Lindsay Corporation's international-Zimmatic business covers Brazil (Lindsay Brazil with 35 percent local-market-share), Australia, South Africa, India and Spain. The global structural-trajectory is water-scarcity-driven precision-agriculture-adoption where flood-irrigation is being progressively replaced by pivot-irrigation. India's Bharat Net Smart-Agriculture initiative (announced 2023) targets approximately 8 million hectares of pivot-irrigation conversion by 2032. The Australian Murray-Darling-Basin Plan implementation drives approximately 1,5 million hectares of pivot-conversion. Spain's Andalusian-and-Castilian wheat-and-olive-belt represents approximately 2 million hectares of conversion-opportunity.
At Lindsay's approximately 18 percent average global-pivot-market-share, the cumulative international-conversion-opportunity through 2032 represents approximately 1,5–2,5 billion USD of incremental international-Zimmatic revenue — a multi-decade structural growth-channel.
📉 The 3 Real Bear Points
Lindsay Corporation's US-Irrigation-segment-revenue is correlated with US-corn-and-soybean-prices and resulting farm-income. The historical-data shows Zimmatic-pivot-orders decline approximately 30–40 percent during corn-price-declines below 4 USD per bushel (2014–2016 cycle, 2018–2019 cycle), and conversely-accelerate during corn-prices above 5 USD per bushel (2021–2022 cycle). At current corn-prices in the 4,20–4,60 USD per bushel range, the demand-environment is supportive but not strong. If a 2026–2027 commodity-price-cycle-trough drives corn-prices below 4 USD per bushel, US-Zimmatic-revenue would compress by approximately 30–40 percent and consolidated operating-margin would compress from current 13 percent toward 9 percent.
The structural-mitigation is the IRA-Section-22008-subsidy-driven replacement-cycle which partially-offsets commodity-price-cycle-volatility, but the residual-tail-risk on row-crop-farm-income is not eliminated.
Valmont Industries (NYSE: VMI) operates the Valley-brand-pivot-irrigation business and holds approximately 45 percent of US-pivot-market-share versus Lindsay's approximately 32 percent. Valmont has structurally-deeper-engineering-investment-and-dealer-network-relationships than Lindsay, and has been competing aggressively for share through 2023–2025 via pricing-discipline-and-channel-investment. If Valmont accelerates share-gain through 2026–2027, Lindsay's US-Zimmatic-revenue-growth-trajectory could compress below the consensus 8 percent compound rate.
The structural-mitigation is that the overall-pivot-market is structurally-expanding driven by water-scarcity-and-precision-agriculture-adoption, so both Valmont and Lindsay can compound revenue even at static-relative-market-share. But the share-loss-risk is not zero.
Road Zipper system-installations are large-multi-million-USD multi-year-projects where revenue-recognition is concentrated in specific quarters around project-installation-and-commissioning. The Infrastructure-segment quarterly-revenue can swing 25–40 percent based on single-state-DOT-project-timing — making quarterly-results structurally-volatile and creating periodic miss-versus-consensus risk that compresses near-term multiple.
The structural-mitigation is that the cumulative-Road-Zipper-pipeline through 2030 is substantial (approximately 200–400 million USD) and the quarterly-volatility smooths over 12–24 month windows. But the short-term-volatility creates trading-window-risk that defensive-quality investors may find uncomfortable.
Valuation in Context
Lindsay Corporation at 105,33 USD per share with approximately 10,5 million shares outstanding has a market capitalization of approximately 1,10 billion USD. The company holds approximately 110 million USD of cash and approximately 115 million USD of long-term-debt-and-lease obligations, placing enterprise value at approximately 1,10 billion USD against trailing-twelve-month revenue of approximately 715 million USD. This translates to approximately 1,5x EV/sales — broadly in-line with industrial-machinery-peer-average.
On forward-earnings, Lindsay trades at approximately 16,6x consensus fiscal-2027 EPS of approximately 6,35 USD (year-ending August 2027). The consensus model embeds Irrigation-segment-revenue growth of approximately 6 percent fiscal-2026 then 8 percent fiscal-2027 driven by IRA-Section-22008-subsidy-flow, Infrastructure-segment-revenue growth of approximately 14 percent fiscal-2026 then 18 percent fiscal-2027 driven by Road Zipper deployment-acceleration, and consolidated operating-margin expansion from approximately 13 percent fiscal-2025 to approximately 15 percent fiscal-2027.
Applying a peer-blended fair-multiple of 18–22x forward-earnings to base-case fiscal-2027 EPS of 6,35 USD produces a 12-month fair-value range of approximately 114–140 USD per share — implying approximately 8–33 percent upside from the 105,33 USD entry-price. The bear-case scenario (corn-price-cycle-trough, Valmont-share-gain, Road Zipper deployment-slip) supports a 85–95 USD range. The bull-case (corn-prices above 5 USD per bushel, Road Zipper Federal-framework-expansion, India-Bharat-Net-Smart-Agriculture-acceleration) supports a 145–165 USD range over 24–36 months. The 1,41 percent dividend-yield adds modest income-component to the total-return profile.
🗓️ Next 3 Catalyst Dates
-
2026 Q3:
Q4 fiscal-2026 earnings release (early October 2026, fiscal-year-end August 2026). Watch-items: full-year-Irrigation-segment-revenue versus consensus 580 million USD, Road Zipper deployment-pace and pipeline-update, IRA-Section-22008-subsidy-flow commentary, and fiscal-2027 guidance. A beat on Road Zipper deployment plus strong fiscal-2027 guidance would re-rate the stock toward 125–135 USD.
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2026 Q4:
Q1 fiscal-2027 earnings release (late December 2026 or early January 2027). Watch-items: Q1 Zimmatic-order-book-growth versus consensus 9 percent, any update on Federal-Highway-Administration framework-agreement-expansion to additional US states, and any commentary on Indian-Bharat-Net-Smart-Agriculture project-pipeline. A reassuring Q1 result plus framework-expansion would unlock 130–140 USD range.
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2027 Q2:
Q2 fiscal-2027 earnings (early April 2027) plus likely Investor Day. Watch-items: Q2 cumulative Road Zipper deployment-progress versus 200–400 million USD pipeline guidance, any update on European-Andalusian-Spain market-expansion, and full Investor-Day-disclosure on fiscal-2028 and beyond growth trajectory. A strong Investor-Day update would unlock 145–160 USD range.
💬 Daniel's Take
Lindsay Corporation is a defensive-quality-cyclical-compounder with three structural-tailwind-channels (IRA-Section-22008-subsidy-driven US-pivot-replacement-cycle, Road Zipper Infrastructure-segment-FCC operating-leverage, global precision-agriculture-adoption trajectory) and a long-duration capital-allocation discipline under CEO Randy Wood. The 105,33 USD entry-price sits at approximately the mid-range of the 18-month trading-band and represents fair-value rather than deep-value.
Position-sizing: 1,0–1,8 percent allocation in a quality-cyclical-industrial sleeve, suitable for investors with 24–36 month patience and tolerance for quarterly-Infrastructure-segment-revenue-volatility. The 105,33 USD entry is approximately 11 percent below the 12-month-high of 118 USD and approximately 26 percent above the 12-month-low of 84 USD. Sizing-up zones are 88–96 USD on any commodity-price-cycle-driven correction unrelated to operating-fundamentals. The 1,4 percent dividend yield provides modest income-component. For quality-cyclical investors looking for differentiated water-scarcity-and-precision-agriculture exposure plus optional Road-Zipper-Infrastructure-segment kicker, Lindsay is the structurally-cleanest mid-cap US-industrial implementation.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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